Tesla To Replace Bitcoin With Dogecoin

Tesla To Replace Bitcoin With Dogecoin

The currency marketplace goes fast nowadays. With new programs and technologies hitting the
web every day, entrepreneurs are rushing to put their money into the market. Dogecoin is a cryptocurrency that works digitally. People can invest in Dogecoin and make their selling and buying decisions according to their preferences. Although it has certain similarities to bitcoin which is a famous cryptocurrency, it has 129 billion coins as compared to 21 million coins of bitcoin.

Bitcoin is famous all over the world, however, Dogecoin has some specific niches and is known for its properties there. The official website described it as “Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online”. IBM developer named Billy Markus and Adobe data scientist named Jackson Palmer invented this cryptocurrency for the first time back in 2013 as a substitute for Bitcoin and the satire about cryptocurrencies by the internet world.

On May 11, Elon Musk asked his Twitter followers “DO YOU WANT TESLA TO ACCEPT DOGE?”. It got a very positive response since 78.2% of Elon Musk’s followers voted yes. Today, Elon Musk announced that Tesla is suspending vehicle purchases using Bitcoin Cryptocurrency. He said:

Tesla has suspended vehicle purchases using bitcoin. We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.

Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use (less than 1 per cent) of bitcoin’s energy/transaction.

Tesla to allow vehicle purchases using Dogecoin?

Dogecoin is currently at $0.452804 with a market cap of $58.60B. Dogecoin holders are still hoping for a price surge after the recent Elon Musk tweet. Elon Musk recently stated that SpaceX is now accepting dogecoin to launch the upcoming satellite DOGE-1 to the Moon. After getting a positive response, Elon Musk suspended purchases using bitcoin. After Musk’s tweet, the Bitcoin price went down. On his tweet, David Gokhshtein replied:

$DOGE replaces $BTC It was inevitable……

Dogecoin holders are still hoping that after this, Dogecoin price will go up and will reach 1$ someday.

Masab Farooque
Masab Farooque is a Tech Geek, Writer, and Founder at The Panther Tech. He is also a lead game developer at 10StaticStudios. When he is not writing, he is mostly playing video games